NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Highs As AMD Soars 10%

SP500

SP500 gains ground as traders react to FOMC Minutes. The Minutes indicated that Fed was rather dovish, but remained focused on inflation risks. General market sentiment is bullish as traders focus on AI-related news and bet on dovish Fed. The U.S. government shutdown does not put any pressure on the SP500 index. In addition, traders are not worried about the absence of economic reports due to the shutdown. Basic materials stocks were among the biggest gainers in the SP500 index today as spot gold climbed above the $4000 level. Energy stocks found themselves under pressure as traders reacted to the sell-off in natural gas markets.

Currently, SP500 is trying to settle above the resistance at 6760 – 6770. A move above the 6770 level will push SP500 towards the 6800 level. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

NASDAQ

NASDAQ tested new highs amid rising demand for tech stocks. Advanced Micro Devices, which is up by 10%, is the biggest gainer in the NASDAQ index today. The stock rallied as traders remained focused on Advanced Micro Devices’ deal with OpenAI.

The technical picture is bullish as NASDAQ managed to settle above the resistance at 25,000 – 25,100. RSI is in the moderate territory, which is also bullish for the NASDAQ index.

Dow Jones

Dow Jones is mostly flat amid declining demand for financial and consumer defensive stocks.

The technical picture remains unchanged as Dow Jones continues its attempts to settle above the resistance at 46,600 – 46,700. In case Dow Jones manages to settle above the 46,700 level, it will gain additional upside momentum and head towards the 47,000 level.

For a look at all of today’s economic events, check out our economic calendar.